HOME SALE CHALLENGE:
Our Wallingford homeowner was ready to move on from his home but found himself owing more than the home was worth, with no way to pay the difference. He soon realized his best option to get out of the over-leveraged home was to pursue a short sale.
REID REAL ESTATE GROUP APPROACH:
Citibank is not currently one of my favorite lenders to work with as they are really having a hard time pulling their short sale processing together and tend to be unresponsive and slow. However, because there would be enough proceeds from a sale to satisfy the first loan in full, and shorting second mortgages is generally an easier process, I anticipated a fairly smooth ride despite the fact that that we were dealing with Citi.
It took less than two weeks to secure a buyer for the home and we quickly went to work on the short sale approval. Less than two months passed as Citibank seamlessly produced an approval letter. This Wallingford short sale closed a few weeks after, with the seller receiving full debt forgiveness as well as a $10,000 relocation incentive for his troubles!
Last Updated on September 13, 2017 by Minna Reid